Over the past couple of weeks, the luxury home inventory priced above $2 million (the top 10% of the Los Angeles County housing market) increased from 2,945 to 2,954, a rise of 9 homes, or nearly unchanged. Luxury demand decreased by 44 pending sales, down 10%, to 409. The Expected Market Time for luxury homes priced above $2 million increased from 195 to 217 days, the slowest reading since the end of January at 234 days. With increased economic uncertainty, the luxury market could slow from here. The rise is most likely due to luxury establishing its hottest Expected Market Time reading of the year a couple of weeks ago.
Year over year, the active luxury listing inventory has decreased by 335 homes, or 10%, and luxury demand is down by 35 pending sales, or 8%. Last year’s Expected Market Time was 222 days, similar to today.
In the past two weeks, the Expected Market Time for homes priced between $2 million and $3 million increased from 120 to 133 days. The Expected Market Time for homes priced between $3 million and $4 million increased from 200 to 214 days. The Expected Market Time for homes priced between $4 million and $8 million increased from 230 to 272 days. The Expected Market Time for homes priced above $8 million decreased from 905 to 870 days. Luxury is at 217 days overall. At this pace, a seller would be looking at becoming a pending sale around November 2026.
